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Tiger5
Level 5
March 4, 2020

schedule c

  • March 4, 2020
  • 2 replies
  • 12 views

have a customer that is a single member llc of a used tires and repairs business. they bought a truck load of tires, where should I enter this on the schedule c? Also were do I enter start up cost? 

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    2 replies

    abctax55
    abctax55
    Level 15
    March 4, 2020

    I'd go for line 36, AND line 41 if not all sold.

    Start up- line 27 via line 48.

    HumanKind... Be Both
      T
      Tiger5Author
      Level 5
      March 7, 2020

      what method should i put to value inventory on line 33? i was thinking cost?

      qbteachmt
      qbteachmt
      Level 15
      March 7, 2020

      @Tiger5 

      Here is the Resource you need to use:

      https://www.irs.gov/instructions/i1040sc

      Don't yell at us; we're volunteers
        LADONNAPTAX
        LADONNAPTAX
        Level 3
        March 4, 2020

        Cost of Goods Sold 

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